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It Is What It Is 

A trite, overused and infuriatingly meaningless cliche that is utilized by provincials who think they are adding some deep, meaningful insight during a discussion when all they are offering is senseless, unwarranted repetitiveness to what would otherwise be a far better conversation had they not shown the shallowness of the gene pool they spawned from by using this asininely useless and redundant phrase to begin with.
An interesting conversation is being had, when quite suddenly:

Robin: My house burned down last night. It is what it is.
Aidan: Fuck you, provincial.
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it is what it is 

things are the way they are. circumstances might not be the best, but... it is what it is
sherlock: it's okay.
john: it's not okay!
sherlock: *hugging john* no, but it is what it is
it is what it is by tea_and_tjlc January 13, 2017

it is what it is 

That's just the way things are, like it or not.
"I hate how the government feels like they have to monitor our every move."
"Hey, it is what it is."
it is what it is by Jack324 January 14, 2009

it is what it is 

an accepted euphemism for 'i fuck my pets'. mainly used in a business setting, where swearing would not be acceptable.
boss: it is what it is.
employee: you sick bastard.
it is what it is by bigtrick February 27, 2011

It is what it Is 

in a nutshell, it means "this is the way its going right now, and thats how it is." kind of a way to say: dont overthink the situation. a reminder to keep things simple, dont overanalyze things, or a way to put a definition on something thats hard to explain.
Friend: "So what's the deal with you and Bobby? I thought you guys were together, but then someone said you broke up, and then somebody else told me you were broken up but 'friends with benefits' So what's the true relationship status?
Girlfriend: it is what it is.

it is what it is 

better described as a statement of acceptance of a situation that is less than perfect.
keeping a dull, going-nowhere, job that pays the bills. "how's work?" "it is what it is."
it is what it is by linkinink April 18, 2009

It is what it is 

Phrase used by someone in order to accept even the most 'unacceptable' situation that would normally be a load of horse shit. Only because they know they have to.
Tom: Man why do we have to pay taxes for people who don't even work?

Bob: Hey man, it is what it is.
It is what it is by Muttemor September 30, 2014